EURUSD Trading at 1.085 Amid Multiple Resistance Levels
Solid ECN – The EURUSD currency pair trades around 1.085 today. Currently, the price is in conjunction with multiple resistance levels. These include the 38.2% Fibonacci support, the upper band of the bearish flag, and the rising trendline. While the technical indicators give mixed signals, the EURUSD 4-hour chart has formed a long-wick candlestick pattern, which can be interpreted as the bears being more active than the bulls in the current session.
From a technical standpoint, the primary trend remains bearish as long as the price is suppressed below 1.0865s, the 38.2% Fibonacci retracement level. However, for the downtrend to continue, the price must fall below the ascending, precisely the 1.0832 mark.
On the other hand, the uptick momentum that began on February 13th should continue if the bulls cross above the Fibonacci level under discussion and maintain a position above it.